Kenya-based fintech, Asilimia has raised $350,000 fund from the Pan-African investment firm, Unicorn Group. It will be used to expand its market base to other African countries.
Founded in 2017, Asilimia allows medium and small-scale enterprises to perform free mobile money transactions while providing other financial services like insurance to users.
The startup participated in the Afritech accelerator programme and won the Unicorn Group pitch contest. The $350,000 investment, therefore, came as an award as well as part of its $500,000 round fund the startup was raising.
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In a LinkedIn post shared by Asilimia, the startup noted that the fund will be used to expand its customer base and to help users amass wealth from the app.
Asilimia will expand its business from Nairobi to other cities in Kenya and Africa. It will also acquire more users while performing over a million transactions.
The CEO and co-Founder of Asilimia, Tekwane Mwendwa noted that the company is working on integrating with other mobile money providers and banks in Kenya to aid money transfers with the investment.
Additionally, the startup facilitates fund transfer from M-Pesa to M-Pesa account.
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